Mentor - Sydney Northern Beaches

Hi everyone, I'm looking for a mentor who has been there and done it. I'm vey focused on achieving my goals and open minded to new ideas.

I was on the cusp of speaking with professional mentors such as Destiny/Real Wealth Australia, but I am confident I can make it on my own. Mainly need help with cash flow analysis, finance structure and finding my first IP.

I am really passionate about this and would love it if someone who has a few IP's could share their story and take me through the process.

Any takers, please either reply to the forum or email [email protected]

Cheers guys - Steve
 
Why not come to the meetup tomorrow night. Networking is THE key!!


By "done it" what do you mean? What goals and strategies do you have in mind?

There is lots of info here. You can gain a lot of info from just reading threads. Ask questions when you need more info.
 
Why not come to the meetup tomorrow night. Networking is THE key!!


By "done it" what do you mean? What goals and strategies do you have in mind?

There is lots of info here. You can gain a lot of info from just reading threads. Ask questions when you need more info.

hey travelbug, thanks for the heads up. Only just got your msg - still trying to figure out how to subscribe/set up alerts on this thing.

I agree, this forum is awesome. It's good to be on this with like-minded people. Most of the people I know are very pessimistic about property and don't think it's possible be financially free in 10 years.

I'm looking for a bit of guidance from someone who owns a whole heap of properties or on the way to a whole heap of properties.

I'm keen to get out of the starting blocks, but I don't want to bite off more than I can chew. I have a deposit saved to get into the market but I can't really afford anything cash flow negative at the moment. In saying that, I want the best of both worlds & I research different areas I think will have good capital growth.

I've read Steve McKnight & Margaret Lomas books and I know that positive cash flow properties are most of the time created, so I think of ideas to increase rental, dual income, claim depreciation etc. It feels like I'm looking for mission impossible & wasting time researching the wrong thing & not knowing where to look.

All this is done over the internet. I've spoken to a few agents, but I don't want to give anything away and I certainly don't want them to know I'm an investor from Sydney.

I'm prepared to buy site unseen but I just need a bit of confidence in what I'm buying & knowing what to do when.

I also need the right loan and want to get this right the first time.

I'm always learning & trying to improve. I just want to get started & not sit on my hands for another 2 years & look back at missed opportunities.

Steve
 
Welcome, Grasshopper. If I am to be your Mentor then you must be known only as Grasshopper.

I've just purchased my second IP. First was in 2770 just before the area went price crazy, so in the 2 or so years of ownership I can boast both cash-flow AND capital growth. You won't believe how many people told me I was crazy buying out there, UNTIL the property magazines started spruiking cash-flow positive investments. Then they all though I was lucky.

The new IP is in a large regional city, mainly because I cannot afford to get into Sydney again, it's been priced out. Ditto for Newcastle area. I seriously looked into Maitland and just missed out on an interesting place, but properties that fit my criteria are hard to find.

I have not looked south to Wollongong, there may be opportunities there.

My investment criteria:

1) must have potential to be cash-flow neutral or very close.
2) must be able to immediately add value and increase rent through renovation or development.
3) must be in an area that is at, or not far from, the bottom of the growth cycle, NOT near the top.

These criteria mean that I can buy a property, do some work to immediately improve its value, and it will pay for itself while I wait for the market to move further up. I can do a lot of work myself, which makes it more profitable for me.

I think every investor needs to work out what their criteria are.
 
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